Recent UBI Launches Met By Positive Consumer Feedback As Canadian Market Maintains Impressive Growth

Hayden

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16th April 2014

In a consumer survey compiled by Towers Watson (who will be participating on two panel sessions at the Insurance Telematics Canada Conference hosted by Telematics Update), it was found that well over half (56%) of Canadian drivers said they have a strong interest in buying a UBI policy.  This stems from the public’s growing knowledge that insurance telematics can benefit them by reducing premiums and make driving safer.  Insurers and brokers are seeking to strengthen this movement by dispelling consumers’ apprehensions about how consumers’ data is stored, collected and used as it was found that 46% of those surveyed were concerned with the privacy debate that surrounds UBI. Towers Watson’s UBI Consumer Survey can be found here – http://www.towerswatson.com/en-CA/Insights/IC-Types/Ad-hoc-Point-of-View/Insights/2013/Infographic-Usage-Based-Insurance-Consumer-Survey

Robin Harbage, global lead for Towers Watson’s UBI practice and DriveAbility service offering, commented “These concerns [surrounding privacy] while understandable, are not really significant enough to hinder the many benefits that UBI offers drivers”.

Jack Palmer, Project Director for Insurance Telematics Canada stated, “Letting consumers know how their data is being used is a fundamental component of attracting consumers to UBI.  Just looking at the commercials that advertise insurers’ UBI products you can see how much time they devote to addressing the issue.  Once the message starts to resonate with the consumer a bit more, I think we will see a sharp rise in uptake…we’re not far away”.

Insurance carriers such as RSA Group, Desjardins and The Cooperators will be joined at the Conference by telematics service providers such as iMetrik, Octo and IMS, as well as technology consultants IBM, Towers Watson and CGI. With interest in UBI growing quickly there has been no better time to discuss how the auto-insurance ecosystem comes together with telematics service providers to produce the insurance products that consumers want. For the first time, Canadian-specific trends and challenges surrounding consumer uptake, privacy concerns and broker outreach will be addressed and delegates will have the chance to meet other influential parts of the value chain  such as C-level execs from mobile network operators, data aggregators and of course, regulators.

For the complete Insurance Telematics Canada 2014 Conference programme and speaker line-up, visit: http://www.telematicsupdate.com/insurance-telematics-canada/

Over 30 industry-leading speakers at the 2014 Conference

The Conference programme and speaker line-up has been announced.  The C-level representatives that will address conference delegates in May include:

• Bruce Green, Senior Manager – Rates and Classifications, Financial Services Commission of Ontario
• Angelique Magi, Vice President- Strategic Initiatives, The Guarantee Company of North America
• Paul Mlodzik, VP – Marketing and Communications, The Co-operators
• Vincent Pavero, Director, Products & Innovation, iMetrik
• Hans Gantzkow, Senior Architect, Centre for Study of Insurance Operations
• Steve Livingstone, Vice President – Telematics, RSA Group
• Blair Currie, Vice President Business Development, IMS
• Matthew Turack,  Vice President – Insurance, Canadian Automobile Association
• Clive Thomson, National Transportation Portfolio Executive, Zurich Canada
• Mark Prefontaine, Superintendent of Pensions, Insurance, and Financial Institutions, Alberta Treasury Board and Finance

The fuller speaker-line up of over 30 industry leading speakers has been released this week on the website: http://www.telematicsupdate.com/insurance-telematics-canada/conference-speakers.php

• The most talked-about topics within Canadian insurance telematics will be discussed:
• The most up-to-date information from regulations
• How to make the most of the data goldmine
• The potential for brokers and direct writers
• The telematics business case
• Discover the potential of Value-Added Services

http://www.telematicsupdate.com/insurance-telematics-canada/conference-agenda.php

With 30+ senior-level speakers, 16+ sessions and attended by 150+ delegates, this year’s event will embody the breakthrough that the Canadian insurance telematics market will make and needs to be high up on all forward looking insurance execs’ agenda.

Of Telematics Update’s US sister show, Liberty Mutual commented, “This event will become the essential annual conference to stay connected within insurance telematics”.

For the complete Insurance Telematics Canada 2014 conference programme and speaker line-up, access the e-brochure at http://www.telematicsupdate.com/insurance-telematics-canada/conference-event-brochure.php

or contact the Telematics Update team at insurancetelematics@telematicsupdate.com

Register before Friday, May 2 via the secure link below to take advantage of a $100 CAD saving on all conference passes: https://secure.telematicsupdate.com/insurance-telematics-canada/register.php

About Telematics Update:

Telematics Update Conferences are the most prestigious in the industry.  We produce the largest telematics events in North America, Europe & Asia, and attract the most influential speakers providing a rich environment for establishing strategic relationships and networking.

Contact:

Jack Palmer

Project Director | Telematics Update

7-9 Fashion Street, London, E1 6PX, UK

T: +44 (0) 20 7375 7572 (Global) / 1 800 814 3459 ext 7572 (USA Toll Free)

E: jpalmer@telematicsupdate.com